Dividend distribution of € 373 million in cash from the profits of 2024, approved by the General Assembly of shareholder her Piraeus Bank.
The bank will also distribute up to 230,000 euros as a reward to its staff by tax reserves. At the same time, within 24 months, a free distribution of 10,700,000 joint shares will be distributed, a nominal value of EUR 0.93 each, to executives and staff of the Group. The General Assembly of shareholders also approved the repurchase of up to 8,333,333 shares, in a price range of 3 – 8 euros, within 24 months. The cost of repurchase will not exceed 25m euros.
The General Meeting of Shareholders has also approved the maximum ratio between fixed and variable earnings to 200% from 100% today for Piraeus executives participating in the long -term incentive program (LTIP). The long -term incentive program includes 162 Piraeus executives. Of these, the bonuses will increase to up to 200% of fixed earnings for 10 senior general managers, for 36 Directors to 150% and for 116 Senior Directors up to 120%. The increase for the Managing Director was decided to up to 200%.
Speaking to shareholders, Piraeus Bank President George Hantzinikolaou and Managing Director Christos Megalou estimated that Greece would be indirectly affected by Trump duties, as a total deceleration of world trade is likely to reduce the demand for Greek products – shipping.
Referring to the performance of Piraeus Bank in 2024, Mr Great said that the bank exceeded all the goals it had set for the year in all areas, showing a historical high in its financial results, producing 0.81 profits per share, with a year of 15%, with a year of 15%. of the group, the shareholders in 2024 stood at € 1,066 million.
Mr. Megalou presented to the shareholders the up -to -date financial goals of Piraeus for the period 2025 – 2028, as announced in February 2025. Our strategy is to be the leading group of financial services in Greece, with consistent, long -term growth. “The main pillars of our strategy are the profitable growth of customers’ assets, sustainable yields at 15% and the distribution of more than $ 2 billion. Euro to our shareholders by 2028, “said Mr. Megalou. The main pillars of Piraeus’s business plan by 2028 include, among other things:
- Customer -centric approach with a loan expansion of about 8% per year and an increase of more than 1 billion. EUR in the retail loan portfolio during the 4 -year period by 2028, increase in capital management by about 8% per year, as well as new products.
- Focus on shareholders with sustainable profitability of 1.1 billion. annually by 2027 and about 1.3 billion. 2028 as well as leading market effectiveness and cost discipline, with a fixed cost of revenue to about 35% during the business plan.
Referring to the acquisition of National Insurance, Mr Great said that the transaction is expected to further differentiate Piraeus revenue sources, enhancing the creation of value for shareholders, while completing the range of products, covering the full range of banking, insurance and investment solutions. The transaction has immediate benefits as it will boost earnings per share by about 5% and the performance of the same equity by about one percentage point.
As Mr Great said, Piraeus intends to seek to classify it as a Financial Conglomerate and the implementation of the supervisory mechanism of Article 49 of the Rules of Procedure for capital requirements, in relation to the supervisory treatment of its participation in the shareholding of the National Companion. If achieved, it will further enhance the CET1 capital index by about 50 basis points.